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EuCham - European Chamber - 2014-11 Unemployment rates in Europe

     


     
     
     



2014-11 Unemployment rates in Europe

EuCham - European Chamber lists the unemployment rates in 45 European countries. Unemployment rate is the amount of labour force that is not working and only considers people who are jobless, seeking a job and are actively ready to work if they find one.

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EuCham Charts
November 2014

Unemployment rates in Europe


1

Bosnia & Herzegovina

44%

2

Kosovo

30%

3

Macedonia

28%

4

Greece

27%

5

Spain

25%

...

   

45

Belarus

0.5%


Unemployment rates in Europe, 2014 Q1.
45 European countries were considered

EuCham_Charts_Logo.jpg

 

 

  • Bosnia & Herzegovina is ranked as the top country in Europe with the highest unemployment rate of 44%
  • Following Bosnia & Herzegovina in the rankings are Kosovo, Macedonia and Greece with the highest unemployment rates in Europe (excluding city states)

  • Belarus has the lowest unemployment rate of 0.5% in Europe (data to be considered carefully)

     

Source: eucham.eu/charts

 

Detailed Information

EuCham - European Chamber lists the unemployment rates in 45 European countries. Unemployment rate is the amount of labour force that is not working and only considers people who are jobless, seeking a job and are actively ready to work if they find one.

The labour force is the total of the employed and unemployed people in a country and does not include jobless people not seeking work such as full-time students, homemakers and retirees. The rate is calculated as a percentage by dividing the number of unemployed by the total number of individuals currently in the labour force.

According to the EuCham ranking Bosnia & Herzegovina is the European country with the highest unemployment rate at 44%. The countries following in the top 5 with the highest levels of unemployment are Kosovo, Macedonia, Greece and Spain. Norway ranks second from bottom with 3% unemployed, surprisingly leaving Belarus ranked as the country in Europe with the lowest unemployment rate of 0.5%. However, Belarus data may have to be considered carefully, as the country does not use ILO (ilo.org) methods to calculate unemployment.

The unemployment rate is not a perfect economic indicator, though. Limitations to the measure include discouraged workers, people unethically claiming welfare benefits, the underemployed and people working either illegally or in black markets.

In conclusion, EuCham notes that the countries with high unemployment rates are also more prone to undesirable social phenomena such as increase in crime rate, a reduction in life expectancy and increased xenophobia. It is also necessary to make labour markets more flexible to reduce the risk of long-term unemployment, as countries with more flexible labour markets tend to have better indicators.

 

Table 1: Unemployment rate in Europe, data 2014 Q1

Rank

Country

Rate 
%

1

Bosnia & Herzegovina

44.05

2

Kosovo

30.00

3

Macedonia

28.22

4

Greece

27.18

5

Spain

25.18

6

Albania

18.30

7

Armenia

17.80

8

Croatia

17.70

9

Serbia

17.60

10

Cyprus

15.10

11

Georgia

14.60

12

Portugal

14.57

13

Montenegro

14.54

14

Slovakia

13.71

15

Italy

12.48

16

Lithuania

12.40

17

Ireland

12.03

18

Bulgaria

11.40

19

Latvia

10.70

20

Slovenia

10.09

21

France

9.86

22

Poland

9.72

23

Turkey

9.04

24

Ukraine

8.60

25

Belgium

8.57

26

Finland

8.48

27

Estonia

8.22

28

Sweden

8.08

29

Hungary

7.85

30

Netherlands

6.92

31

Romania

6.90

32

Denmark

6.89

33

United Kingdom

6.65

34

Luxembourg

6.57

35

Czech Republic

6.53

36

Malta

5.80

37

Iceland

5.44

38

Germany

5.22

39

Azerbaijan

5.20

40

Russia

5.07

41

Austria

5.02

42

Switzerland

4.83

43

Moldova

3.60

44

Norway

3.37

45

Belarus

0.50

Source: OECD
EuCham Research Department - Compiled by Muneat Mahfud 2014-11-13

 

 

  

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